Question

4. Why is marketing important in a demand- driven economy? Consumers have lots of choice. There is competition for customers. Supply often exceeds demand. All of the above​

Answer 1

Answer:

All of the above

Explanation:

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Answer 2

Marketing is important in a demand-driven economy.

Definition of Marketing:

• Marketing is the process through which a product is promoted and sold to the target audience.
• It includes advertisements, selling and delivery of products to the consumers.

Features of Marketing:

1. In the present times, consumers have lots of choices. Therefore, promoting a particular product is important in a demand-driven economy to encourage the consumer to buy it.
2. There is competition for customers. Since the market has exponentially grown, the number of competitors promoting similar products has increased. Thus, marketing and promotion of one own's products are important.
3. Supply often exceeds demand. In a country with a large population, sometimes the supply of products is higher than the demand.

Hence, marketing is important in a demand-driven economy and all of the above options are correct.